Last Monday on the website Truth Social, President-elect Donald Trump made clear his intention to impose a substantial tariff on products imported to the United States from Canada and Mexico. Trump announced his tariff plan after alleging that "thousands of people are pouring through Mexico and Canada,

The president-elect said that he would impose the across-the-board tariffs on Day 1 and that they would stay in place until Canada, Mexico and China halted the flow of drugs and migrants.

If you think the cost of goods is expensive now, come January, price tags could appear with some extra weight if the incoming Trump administration follows through with its threat of widespread tariffs.